The Emirates airline in Dubai is all set to leverage crypto technology. It has announced its intentions to issue NFTs for its customers and staff to provide them with the exciting experience of the metaverse. The airline aims to develop its differentiated brand image in the virtual world. Dubai’s Emirates airline has launched both collectible and utility-based NFTs.
The use cases of NFTs are growing exponentially, blending the digital world with the real world. Airlines are predicted to save between 50% and 70% of their distribution costs by using NFT tickets. Consequently, more resources will be available to consume for future sustainability and growth agendas. Similarly, Emirates Airlines is planning to invest tens of millions of dollars to extend its experiences in the digital spaces. Continue reading to explore the Emirates’ move and the role of NFTs in lowering the ticketing costs.
Emirates’ Move Helps Dubai, And The UAE Achieve Their Goals
Dubai and the UAE have developed goals for shifting toward a digital economy. Emirates’ efforts align with these goals since it is initiating artificial intelligence and virtual asset projects. Emirates has adopted blockchain technology to deliver exceptional customer services and excel in the business environment. Emirates’ investment in NFTs will help advance its other projects, including Web3, and the metaverse. NFTs in the airline industry are something entirely different, so their implications will pull out major results.
In 2021, airBaltic unveiled its intentions of launching NFTs and became the world’s first carrier to put its resources into the digital world. In March 2022, Qantas gave the same declaration regarding accepting non-fungible tokens. Emirates Airlines has taken the same steps through crypto adoption to provide innovative solutions in the airline industry.
The Role of NFTs in Lowering Distribution Costs and Ticket Prices
Blockchain technology is transparent and accessible to all market participants. It enables the travel industry, distribution networks, and airlines to get connected and exchange transactions. A blockchain-enabled airline ticket lets the different operators interact hassle-free and much faster. Smart ticketing frameworks enable the ticket purchase, cancellation, and refund process through less friction and complexity. With this efficient process, both Emirates airlines and their end users will notice the difference in expenses. It will be easier for passengers to change or cancel their tickets.
NFT tickets will make the passengers the owners of the assets they have purchased, while the current airline tickets do not allow such options since they are not created through smart contracts. NFT airline tickets have become a clever tool that will impact the passenger experience. Moreover, the airline industry will be able to generate more cash flow efficiently and immediately.